Amitabh's episode manages to create the right mood. Anil Kapoor's episode makes an impact when Mallika reveals that she's a ghost. At this point he's just entered the famous tunnel on the Khandala highway. The camera movement here is worth making a note of.
Now what's the common story linking these stories. There's a group of five school kids out on a school picnic. They wander into the jungle, get caught in a rain and seek shelter in an old, isolated bungalow. A very old lady who lives in the bungalow agrees to give them shelter and entertains them with these stories. You don't need Sherlock Holmes to tell you what happened to these kids. Probably Hitchcock would have said it in a better way.
If one wants to watch a horror film then one would be better off borrowing a DVD and watching the famous Hollywood ones. If you still want to watch a Ram Gopal Varma horror film then you'd rather watch his old horror films, 'Kaun' or 'Bhoot'. This one's worth a miss. One doesn't need to spell out the box office fate of this film.